The aftermath of a divorce can be incredibly challenging as you adjust to the changes brought on by this major life event. Although the emotional weight of this experience can be a lot to handle, it is important to take some time to create a financial plan for your new future. Continue reading for some helpful tips on how to proceed.
Preparing for the Future
After a divorce, financial planning should be at the top of your list. As a couple, you and your spouse may have had some spending power, but on your own, you will have to reexamine your expenses, your income, and how to balance your finances, so you do not end up in the red.
If you were already in a financial bind during your marriage, chances are, you will still feel it now that you are single. You will still have to pay for all the basic necessities, including shelter, food, utilities, clothing, and more. Except, now you will shoulder this burden on your own. Your living expenses may be a little less than what they were when you were married, but it can still be a challenge to manage them on your own.
Here are some tips that can help you move forward:
- Start creating a new financial plan. Examine your assets, including retirement accounts, life insurance, investments, and real estate to take stock of what you have and update your beneficiaries. You should also calculate how much you will have to save to meet your retirement goals.
- If you have never taken the time to create a budget on your own, now is the time. Look at your bank statements and pay stubs to determine how much money you have available every month. Next, categorize your expenses and determine how much you will spend on food every month. Ultimately, your income should exceed your expenses.
- Adopt a positive attitude about money. That does not mean you should stick your head in the stand, but rather that you should take your challenges head-on, seek the advice of trusted experts, and be proactive in working toward the changes you need to achieve prosperity.
Schedule a Case Evaluation with One of Our Experienced Divorce Attorneys Today!
If you are navigating the divorce process, the legal team at Ford & Friedman can provide the knowledgeable legal guidance you need to get through it as smoothly as possible.
Reach out to our law office today at (702) 904-9898 to schedule a case evaluation with a member of our divorce team to get started.